The global high barrier packaging films market is estimated to rise at a CAGR of 7.8% between the forecast years of 2017 and 2027. The steady growth of the global market is attributable to the incessant demand for packaged food. The increasing consumption of dairy products and ready-to-use meals has spiked the requirement high barrier packaging films across the globe. Transparency Market Research states that the global high barrier packaging films market is estimated to reach a valuation of US$43.08 bn by the end of 2027.
What will catapult the growth of the global high barrier packaging films market?
Besides dairy and ready to eat meals the global market will be driven by the growing awareness about health. The rising health concerns have significantly raised the demand for flexible and high barrier packaging films, which are known to improve the shelf life of the various products. The market is anticipated to witness remarkable growth rate as vendors are slated to launch new products, invest in research and development, and embrace technological progress. However, the market will have to over the challenges posed by substitutes such as liquid cartons and environmentalists, who are concerned about disposal of these films.
Are high barrier packaging films predominantly catering to the food segment?
High barrier packaging films are extensively used by various industries such as medical devices, pharmaceuticals, food, beverages, electronic devices, chemicals, and agriculture. Of these, the food industry is the key user of these films are the need for packaging is an undeniable one. Owing to this very reason, the food segment is projected to expand at a CAGR of 7.9% in the global high barrier films market during the forecast period of 2017 to 2027. The growing efforts by food manufacturing companies to reduce food wastage and spoilage is also coaxing various vendors in the global market to design products that improve the overall shelf life.
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Will Asia Pacific retain in dominance in the global high barrier packaging films market in the near future?
The global high barrier packaging films market is segmented into regions such as Western Europe, Eastern Europe, the Middle East and Africa, Latin America, Asia Pacific excluding Japan, Japan, and North America. Presently, Asia Pacific dominates the global market and is expected to continue its stance in the coming years as well. The growing disposable income, busy lives, and varied options have collectively titled the demand toward packaged, thereby spiking the demand for high barrier packaging films.
Players such as LINPAC Packaging Limited, Berry Global Group, Inc., Bischof & Klein GmbH & Co. KG, and Polyplex Corporation Limited are emphasizing on product differentiation and competitive pricing to remain relevant in the competition. Furthermore, the fragmented market is also expected to a wave of mergers and acquisitions, a business strategy that is being used by companies to expand their horizons.